Smartsheet (SMAR) Releases Earnings Results, Beats Expectations By $0.12 EPS

Smartsheet (NYSE:SMAR) released its earnings results on Tuesday. The company reported ($0.07) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.12, reports. Smartsheet had a negative return on equity of 111.93% and a negative net margin of 32.12%. The firm had revenue of $52.20 million during the quarter, compared to the consensus estimate of $49.72 million. The company’s revenue for the quarter was up 58.2% compared to the same quarter last year.

Smartsheet stock opened at $43.44 on Wednesday. Smartsheet has a 12 month low of $18.06 and a 12 month high of $46.29. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.02.

A number of research analysts have issued reports on the company. Stephens assumed coverage on Smartsheet in a report on Thursday, January 3rd. They issued an “overweight” rating and a $32.00 price target for the company. Morgan Stanley boosted their price target on Smartsheet from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Tuesday, December 4th. Royal Bank of Canada decreased their price target on Smartsheet from $39.00 to $34.00 and set an “outperform” rating for the company in a report on Friday, November 30th. Zacks Investment Research raised Smartsheet from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a report on Saturday, December 8th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $53.00 price target (up from $35.00) on shares of Smartsheet in a report on Wednesday. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $41.88.

In related news, CRO Michael Arntz sold 14,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $44.21, for a total transaction of $618,940.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brent Frei sold 300,000 shares of the business’s stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $31.42, for a total value of $9,426,000.00. The disclosure for this sale can be found here. Insiders sold 871,133 shares of company stock valued at $28,514,208 over the last 90 days.

An institutional investor recently raised its position in Smartsheet stock. Geode Capital Management LLC grew its holdings in Smartsheet Inc (NYSE:SMAR) by 1.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 104,097 shares of the company’s stock after purchasing an additional 1,523 shares during the period. Geode Capital Management LLC owned approximately 0.10% of Smartsheet worth $2,587,000 as of its most recent filing with the Securities & Exchange Commission. 49.63% of the stock is currently owned by institutional investors.

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Smartsheet Company Profile

Smartsheet Inc provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts.

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